WASHINGTON (AP) – U.S. long-term mortgage rates fell this week. It was the seventh decline in the past nine weeks for the key 30-year, fixed-rate loan, which reached its lowest level since November 2016.
Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year mortgage fell to 3.73% from 3.84% last week. By contrast, a year ago the rate stood at 4.55%.
The average rate for 15-year, fixed-rate home loans slipped this week to 3.16% from 3.25%.
The historically low levels marked by mortgage rates in this spring’s homebuying season have brought a surge in interest by prospective buyers and homeowners looking to refinance. Total mortgage applications rose 1.3% in the week ended June 21 from a week earlier, while refinance applications increased 3%, according to the Mortgage Bankers Association.
Source: Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.